Retail rents plummet across New York City, as America’s glitzy shopping districts turn into ghost towns

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America’s glitziest and most expensive shopping districts are losing tenants, and rents are in a free fall.

“In the U.S., certainly you will see that what was once perceived as a luxury block ... is no longer exclusively luxury,” said Naveen Jaggi, the president of commercial real estate services firm JLL’s Retail Advisory team.

Average asking rents along 16 major retail corridors in Manhattan declined for the eleventh consecutive quarter, falling to $688 per square foot in the second quarter, according to CBRE.

The drop marked in Manhattan retail rent was the first time since 2011 that prices dropped below $700.